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本頁翻譯進度

燈號說明

審定:劉江彬
審定簡介:
課程中譯計劃審定老師

翻譯:林繼耀(簡介並寄信)
編輯:朱學(簡介並寄信)


授課目標與上課方法

本課程之設計,係為使同學們對於併購交易涉及之相關法律層面有一初步認識。在第一單元中,我們探討主要參與者與交易結構之法律意涵,並就單純善意合併交易中之典型法律議題做一概括流程之說明。課程中亦將專章論及融資收購所衍生之法律問題與資金提供者之考量,以及其他關於勞僱關係之議題,包括經理人面臨不確定狀況時之處理。

在第二單元中,我們將看到各種不同的複雜交易類型,包括對於公開發行公司之善意或敵意收購、涉及財務困難公司或高科技公司之交易、反托拉斯法之考量、對經理人或董事會不當行為之指控及涉及外國公司之交易。

每節課堂討論均將邀請一位以上之來賓擔任評論人,評論人將於課堂上擔任重要的角色。所有來賓均為專精於各相關主題之執業律師。

每堂課均有單獨的課程大綱,包括來賓評論人暫定之評論大綱。

本課程之設計目的非為訓練企業之經理人成為業餘的律師,亦不提供法律服務。併購交易中的法律議題對於交易策略、交易結構、義務與責任均有重大的影響。身為一位資深的經理人,應具備對於此等議題之敏感度,以提昇自己擔任企業領導者及交易規劃者的效率,同時使其得以明智運用法律的協助並避免問題的發生。本課程之目的係在使與課同學此等對於法律議題之敏感度得以大幅提昇。此外,有鑒於本課程可能為大多數同學唯一修習之法律課程,如有必要,課堂中亦將講述法律基礎概念。

與其他課程之關聯

本課程無其他先修、必修或建議修習課程。曾修習史隆管理學院其他法律課程之同學仍得修習本課程。修習本課程之同學可先修習基礎併購課程,本課程與基礎併購課程將無太多重疊部分。

課程要求與評分

本課程之主要作業為兩份回家習作,同學們應自題目提供之情境找出並分析相關事實中之法律問題。每項習作的作答時間為九十分鐘,但同學們可依其需要自行決定進行考試的時間。暫定之作業時程如下:課程七開始時就會發下第一個習作,且同學們須於三日內完成,其範圍為課程一至課程六之授課內容。第二個習作時間自課程十一開始,且同學們須於二日內完成,範圍為課程七至課程十一之授課內容。同學們應自行與助教約定雙方均合適之時間,由助教於該時間以電子郵件方式將題目寄給同學,再由同學於九十分鐘內將完整之解答寄回給助教。每位同學應單獨完成該項作業,但可參考任何課堂上提供之閱讀資料或其自行蒐集準備之筆記資料。習作之解答以五百字為上限。此項格式要求係為使同學有充裕的時間可以作答,因此作答較慢的同學(例如非以英語為母語之同學)亦得以完成習作。(請注意:去年之習作方式為一次發下共三題,寫作時間計五個小時,但題目類型與今年相同。去年課程之考古題可自班級網站之伺服器下載。)

除此二份課後習作外,本課程無其他考試或書面作業。

修習本課程之同學應預先準備每堂課之內容並出席。每位同學於學期中各有兩次上台報告之機會。上台報告之相關作業將由助教事先安排,負責輪值上台報告之同學應特別詳讀相關的閱讀資料並準備回答關於上課內容的問題。

本課程之評分並無計算公式,評分方式約略如下:

第一次課後測驗...............33.3%
第二次課後測驗...........33.3%
出席與課堂參與.........33.3%

閱讀資料

修習本課程之同學應考慮購買下列兩本參考書:

  • Oesterle, Dale,《企業併購入門》,West出版社,二○○一年。
    本書大多數章節均將被列為指定閱讀之範圍。
  • Bagley, Constance, Craig Dauchy,《創業者商法指南》,West出版社,一九九八年。
    本書內容約有三分之一將被列為指定閱讀之範圍。

其他閱讀資料將於課堂上提出或發放。





Goals and Approach

This course is designed to give students an introduction to the law-sensitive aspects of Mergers & Acquisitions (M&A). In Module I, we examine the legal implications of key roles and deal structures, and walk through some of the issues that would typically arise in a simple and friendly transaction. We also give a class to the legal issues arising in LBOs and the legal concerns of financial sponsors more generally, and another class to employment-related issues, including those relating to managers facing unsettled circumstances.

In Module II, we look at a variety of complications, including those that arise in the friendly or unfriendly purchase of a publicly-held company; deals involving distressed and hi-tech companies; antitrust concerns; allegations of misconduct by management or board members; and deals involving non-U.S. companies.

For each class, we will have one or more guest commentators who will play a major role. The guest commentators are all practicing lawyers with solid expertise on their topics.

A class-by-class outline, with a tentative list of guest commentators, is attached.

The course is not designed to make managers into amateur lawyers. Nor is it a course in legal first aid. M&A raises many legal issues that affect strategy, deal structure, responsibility and liability. The best senior managers possess a sensitivity about these issues that enhances their general effectiveness as leaders and planners and enables them to avoid problems and use legal support wisely. The purpose of this course is to give students a strong boost towards that sensitivity. Also, since this is the only law course most of the students in the class will take, we will spend some time on legal fundamentals when such a foundation is needed.

Relationship to Other Courses

There are no prerequisites, required or recommended. This course can be taken by students who have taken another law course at Sloan. It is expected that many students in this class will have taken the basic M&A course, and there will not be much overlap.

Expectations of Students and Grading

The main deliverable will be two take-home exercises, in which students will be asked to spot and assess the legal issues in a realistic M&A context. Students will have 90 minutes to do each exercise, but there will be some flexibility as to the particular ninety-minute period a student can choose. The tentative schedule for the exercises is as follows. The first exercise will be available beginning on class 7 and must be completed in 3 days. It will cover materials from classes 1 through 6. The second exercise will be available beginning class 11 must be completed in 2 days. It will cover materials from classes 7 through 11. Each student will make arrangements with the Teaching Assistant to have the exam e-mailed to him or her at a mutually convenient time, and the student will e-mail back to the TA the completed exercise within 90 minutes of having received it. Each student must work independently on the exercise, but can consult any readings assigned in the class and any notes prepared by that student. For each exercise, your answer may not exceed 500 words. This format is designed to give students a generous amount of time to write an answer, so that students who write slowly (perhaps because English is a second language) will not have a problem finishing the exercise. (Note: Last year there was a single exercise with three 500-word questions and students were given 5 hours. However, the type of question will not change. Last year's exercise is available on the class server.)

Apart from the two take-home exercises, there are no exams or other written deliverables.

Students are expected to attend class and prepare for each class. Each student will be "on deck" twice during the semester. On deck assignments will be arranged in advance with the TA. "On deck" students are expected to do the readings with special care and be prepared to answer questions about them.

Grading is not formulaic, but will be based approximately as follows:

First take-home exercise...............33.3%
Second take-home exercise...........33.3%
Attendance and participation.........33.3%

Readings

Students should consider purchasing the following two books:

  • Oesterle, Dale. Mergers and Acquisitions in a Nutshell. West Group, 2001.
    Almost all of Oesterle will be assigned.
  • Bagley, Constance, and Craig Dauchy. The Entrepreneur's Guide to Business Law. West, 1998.
    About a third of Bagley will be assigned.

Other readings will be made available or handed out in class.




 
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